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Pound rises as EU grants Brexit extension up to January 31

By Ramla Soni

FTSE 100 climbs 0.09 per cent to close at 7,331.28

The pound was up by around 0.2 per cent at $1.28857 against the dollar and was steady against the euro after the EU agreed to grant the UK a Brexit extension.

European Council president Donald Tusk confirmed the 27 other European Union nations have agreed to grant another Brexit extension, to January 31, 2020. The UK can leave earlier if a deal is ratified.

At the same time, the UK Government is expected to push a plan first proposed by by the Liberal Democrats to change the law to hold a December election after Labour refused to back Boris Johnson’s motion for an early poll.

The FTSE 100 climbed 6.81, or 0.093 per cent to close at 7,331.28 while the wider FTSE 250 index rose 106.65, or 0.53 per cent, to close at 20,210.16.

The S&P 500 was up 0.6 per cent at 3,040.39 in early trading, taking it past the index’s previous intraday record of 3,027.98 on July 26.

The Nasdaq Composite and Dow Jones Industrial Average each up 0.7 per cent in early trade and sit less than 1 per cent from their record closing levels.

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